Indonesia: Food delivery startup Kulina to close second seed round of over $500k by Jan

Kulina
Photo: Kulina's Twitter account

Jakarta-based online food ordering and delivery company Kulina aims to close its second seed round of over $500,000 by January 2018, its management told this portal in an exclusive interaction.

In March this year, the company closed its first seed round of $700,000 from Monk’s Hill Ventures, East Ventures and Coffee Ventures. For the second seed round, Kulina is in talks with multiple investors, including existing ones, for funding. It is also planning a subsequent Series A round in mid-2018.

Before its first seed round, Kulina was handling on average 200 deliveries a day. The company claims to have increased its deliveries over the last three months to nearly 1,500 per day. It is now targeting to increase deliveries to 5,000 meals per day by mid next year and 10,000 meals per day by the end of next year. The online catering startup is banking on offers such as its lunch pool programme that provides a cashback if 10 or more users from the same office subscribe to its services.

Kulina primarily caters to the middle income, office-going consumer segment with lunch orders priced at 25,000 rupiah per box, including packaging and delivery costs. Currently, it offers its services only in Jakarta with plans to expand to Jabodetabek, or Greater Jakarta, by the middle of next year. Kulina management is hopeful of the company achieving breakeven by the end of 2018.

The meal subscription service, which uses technology to optimise inefficiencies in supply chain and logistics, was recently named among the four Southeast Asian startups selected for Google’s Launchpad Accelerator programme. The six-month programme includes a two-week bootcamp in San Francisco and mentoring from more than 30 teams across Google and mentors from top technology companies and VCs in Silicon Valley and globally.

Participants receive equity-free support, credits for Google products and media training, and continue to work closely with Google back in their home country. Other startups from Southeast Asia selected for the fifth edition of the programme are financial services firm Ayananh (the Philippines), price comparison app provider Priceza (Thailand) and educational solutions provider Monkey Junior (Vietnam).